If I file my federal return one day after the tax deadline, will I have to pay a tax deadline penalty or interest?
If you owe tax, you usually will. However, you won’t pay a late taxes penalty or interest if you’re:
- Receiving a refund
- Outside the country while serving in the military
- Living in a federally declared disaster area
If you have a balance due, the IRS can assess both of these:
- Late-filing penalty — 0.05 of the balance due per month up to 0.25
- Late-payment penalty — 0.0005 (or part of a month), up to 0.25 of the tax due
The IRS charges interest on unpaid tax from the return’s due date until the date of payment.
If a business doesn't pay taxes, what will the IRS do? Learn about penalties for businesses and get tax answers at H&R Block.
Learn more about the IRA Tax Rules and if there will be an early distribution penalty from the experts at H&R Block.
Learn more about the health insurance penalty and what fees you risk incurring with advice from the tax experts at H&R Block.
There's a new IRS process for those that have an expired ITIN. Here is some information from H&R Block that you need to know before your ITIN renewal.